While talking about the current riots in Ukraine may risk introducing politics into our tax and accounting discussions at the Huddleston blog, there are worse things that could happen. After all, we’re not taking a side, but just hoping to contribute to the wider education of the important issues. It seems at least some of the discussion in the media covering the Ukraine riots is focused on depictions of the conflict without offering any real perspective on what is actually happening or why and thereby contributing to a sort of objectifying effect. Obviously, this is not fair to Ukrainians and only makes us dumber. In other words, when we profess to care for Ukraine maybe we care for all the wrong reasons.

So to do our part, we’ve decided to reblog this article (written by a CPA) entitled, “Self-Determination, For Rich Countries.” The article wonders if it wouldn’t be such a bad idea if the Ukraine split up into two parts: one under Russian influence, one under EU and US influence. The current Western stance towards Russian encroachment on Ukraine is that political and social influence is fine for a variety of reasons, but any tampering with Ukraine’s physical boundaries would be stepping over the line. In the article’s final estimation, it appears that both Russia and the West have a say about Ukraine’s physical boundaries and political allegiances, but Ukraine itself, a very poor and mismanaged country, does not.

Deciding where to buy, how to go about it, and what kind of dental practice to purchase is a very important step in the career of a dentist. There are many essential decisions to make and key factors to examine as you search for the perfect dental practice that meets all of your needs.

Take your Time

Dentists must not rush into a purchase, and need to manage their expectations, understanding that the process will take some time. There is no need to hurry through important steps and be impatient. Buying the right dental practice for you matters more than closing a deal quickly when the first opportunity presents itself.

Find the Best Location

Where do you want to live? Being a practice owner is a big commitment, and being a part of the local community is a big part of that. Dentists who involve themselves in community events and organizations are usually successful as they are meeting people and networking all the while. A short to medium commute is an important consideration. No one wants to face a long round-trip commute year after year.

What sort of community is the right fit for you and your family? Do you like the suburbs, or do you want to live in more of a rural community? These choices will dictate how many competitors will be in close proximity. Other issues are whether or not your spouse needs to find work, and the quality of the school system in the area.

Choose the Ideal Practice for you

Take special care in determining the size and type of dental practice that matches your preferences and needs. Do you want to practice general dentistry or do you prefer an expensive practice that focuses on cosmetic dentistry? Does working a full five-day schedule with a large list of clients appeal to you? Or do you want a smaller practice, with a slower pace, that will allow you to work fewer hours? Naturally, these decisions will affect your finances and may dictate your level of day-to-day stress too.

Get the Proposed Business Appraised

Get a CPA or CVA to perform a business appraisal on the proposed business purchase. They can find out how much other dentists have paid for similar practices. This is going to give you a leg up in negotiating you purchase.

Assemble a Team of Professionals

Trying to save money by being completely self-sufficient is a poor decision when you plan on purchasing a dental practice. There are many areas where you’ll need and benefit greatly from the expertise of others. In the long-run, investing in advisors will save you a lot of trouble. Here are a few people you’ll need:

A CPA/accountant who has experience advising many dental practices and other small businesses on how to stay compliant and reduce their tax burden. You will want a CPA who can do more than just prepare your tax returns. You’ll want an accountant that can advise you on the best entity structure for your small business (S corporation, C corporation, limited liability company (LLC), professional limited liability company (PLLC), sole proprietor).

A Bookkeeper that is already well-versed in a small business accounting system—like Quickbooks. A certified Quickbooks Advisor means they are certified by the manufacturer of Quickbooks (Intuit Corporation) as competent with the Quickbooks program.

An attorney to review all documents related to the sale and to legally protect your interests in the future.

A consultant for your new dental practice could prove valuable in the long run, helping you save money and avoid headaches.

Establish a relationship with a bank early on. Getting prequalified, and ready to finance, puts you in the know in terms of how much you can afford and how to put in a good offer.

Your insurance needs will increase ten-fold once you’re a business owner. An insurance agent will evaluate risk and assess the value of your business to see how much coverage you’ll be needing.

It never hurts to seek advice from a mentor or business confidant of some kind—perhaps a veteran dentist who once went through the same process you’re going through now.

A marketing expert—preferably someone with knowledge of internet marketing.

Purchasing your first dental practice is a huge step in the career of any DDS. Be prepared and fully understand the process you face on your way to becoming a business owner.

Tax CPA John Huddleston received his Masters in Tax Law in 1999 from the University of Washington School of Law. He obtained his Law Degree in 1989 from the same institution, where he was a member of the Washington Law Review Executive Board. He graduated from Washington State University in 1986 with an Accounting/Finance degree.